ITC - Statement of Unaudited Standalone Financial Results for the Quarter ended 30th June, 2019

ITC: #SabSaathBadhein

ITC: #SabSaathBadhein

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Statement of Unaudited Standalone Financial Results for the Quarter ended 30th June, 2019

Particulars		3 Months ended 30.06.2019	Corresponding 3 Months ended 30.06.2018	Preceding 3 Months ended 31.03.2019	Twelve Months ended 31.03.2019
(Rs. in Crores)
		(Unaudited)	(Unaudited)	(Audited)#	(Audited)
Gross Revenue from sale of products and services	(i)	11361.35	10722.22	12064.15	45221.41
Other operating revenue	(ii)	141.47	152.37	141.88	562.98
REVENUE FROM OPERATIONS[(i)+(ii)]	1	11502.82	10874.59	12206.03	45784.39
OTHER INCOME	2	620.17	403.85	740.18	2484.54
TOTAL INCOME (1+2)	3	12122.99	11278.44	12946.21	48268.93
EXPENSES
a) Cost of materials consumed		3098.29	3052.92	3335.33	13184.97
b) Purchases of stock-in-trade		1816.23	1254.38	1331.28	4300.32
c) Changes in inventories of finished goods, stock-in-trade, work-in-progress and intermediates		(774.66)	(197.92)	(51.02)	(180.14)
d) Employee benefits expense		690.31	742.97	759.99	2728.44
e) Finance costs		15.22	7.34	7.74	34.19
f) Depreciation and amortization expense		358.89	298.69	350.18	1311.70
g) Other expenses		2106.97	1820.12	2258.80	8445.29
TOTAL EXPENSES	4	7311.25	6978.50	7992.30	29824.77
PROFIT BEFORE TAX (3-4)	5	4811.74	4299.94	4953.91	18444.16
TAX EXPENSE	6	1637.80	1481.26	1472.01	5979.84
a) Current Tax		1563.38	1397.52	1574.38	5849.24
b) Deferred Tax		74.42	83.74	(102.37)	130.60
PROFIT FOR THE PERIOD (5-6)	7	3173.94	2818.68	3481.90	12464.32
OTHER COMPREHENSIVE INCOME	8	(213.01)	78.42	56.32	362.56
A (i) Items that will not be reclassified to profit or loss		(218.57)	96.04	45.23	358.32
(ii) Income tax relating to items that will not be reclassified to profit or loss		2.23	(1.81)	0.81	3.69
B (i) Items that will be reclassified to profit or loss		5.12	(24.30)	15.81	0.85
(ii) Income tax relating to items that will be reclassified to profit or loss		(1.79)	8.49	(5.53)	(0.30)
TOTAL COMPREHENSIVE INCOME (7+8)	9	2960.93	2897.10	3538.22	12826.88
PAID UP EQUITY SHARE CAPITAL	10	1225.86	1220.74	1225.86	1225.86
(Ordinary Shares of Re. 1/- each)
RESERVES EXCLUDING REVALUATION RESERVES	11				56723.93
EARNINGS PER SHARE (of Re. 1/- each) (not annualised):	12
(a) Basic (Rs.)		2.59	2.31	2.84	10.19
(b) Diluted (Rs.)		2.57	2.29	2.83	10.13

# The figures for the preceding 3 months ended 31.03.2019 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2019 and the year to date figures upto the third quarter of that financial year.

Notes :

1.	The Unaudited Standalone Financial Results and Segment Results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 2nd August, 2019.
2.	The Company has adopted Ind AS 116 "Leases" effective 1st April 2019, as notified by the Ministry of Corporate Affairs (MCA) vide Companies (Indian Accounting Standard), Amendment Rules, 2019, using the modified retrospective method. The adoption of this Standard did not have any material impact on the profit for the quarter ended 30th June 2019.
3.	The continuing significant brand building costs covering a range of personal care and branded packaged food products are reflected under 'Other expenses' stated above and in Segment Results under 'FMCG-Others'.
4.	This statement is as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Limited Review

The Limited Review, as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has been completed and the related Report does not have any impact on the above 'Results and Notes' for the Quarter ended 30th June, 2019 which needs to be explained.

ITC Limited

Unaudited Segment-wise Revenue, Results, Assets and Liabilities
for the Quarter ended 30th June, 2019

		STANDALONE
(Rs. in Crores)
Particulars		3 Months ended 30.06.2019	Corresponding 3 Months ended 30.06.2018	Preceding 3 Months ended 31.03.2019	Twelve Months ended 31.03.2019
		(Unaudited)	(Unaudited)	(Audited)#	(Audited)
1.	Segment Revenue
	a) FMCG - Cigarettes	5433.40	5127.59	5485.92	20712.95
	- Others	3060.05	2870.03	3273.92	12505.28
	Total FMCG	8493.45	7997.62	8759.84	33218.23
	b) Hotels	392.59	341.28	509.76	1665.45
	c) Agri Business	3611.23	3151.27	2100.93	9396.54
	d) Paperboards, Paper & Packaging	1527.53	1355.83	1537.36	5860.16
	Total	14024.80	12846.00	12907.89	50140.38
	Less : Inter-segment revenue	2663.45	2123.78	843.74	4918.97
	Gross Revenue from sale of products and services	11361.35	10722.22	12064.15	45221.41
2.	Segment Results
	a) FMCG - Cigarettes	3849.13	3558.39	3855.95	14551.07
	- Others [Note (i)]	78.02	50.12	130.49	315.72
	- Restructuring of Lifestyle Retailing Business	-	-	70.47	70.47
	Total FMCG	3927.15	3608.51	4056.91	14937.26
	b) Hotels	10.39	13.22	88.67	177.74
	c) Agri Business	202.95	194.51	147.24	776.63
	d) Paperboards, Paper & Packaging	329.76	295.66	300.53	1239.23
	Total	4470.25	4111.90	4593.35	17130.86
	Less : i) Finance Costs	15.22	7.34	7.74	34.19
	ii) Other un-allocable (income) net of un-allocable expenditure [Note (ii)]	(356.71)	(195.38)	(368.30)	(1347.49)
	Profit Before Tax	4811.74	4299.94	4953.91	18444.16
3.	Segment Assets
	a) FMCG - Cigarettes	8392.38	7921.69	8315.15	8315.15
	- Others	9536.33	8617.93	8093.09	8093.09
	Total FMCG	17928.71	16539.62	16408.24	16408.24
	b) Hotels	6368.81	5693.28	6016.28	6016.28
	c) Agri Business	4626.16	3491.69	3901.03	3901.03
	d) Paperboards, Paper & Packaging	6966.82	6861.90	6966.69	6966.69
	Total	35890.50	32586.49	33292.24	33292.24
	Unallocated Corporate Assets	38781.55	34371.89	36505.68	36505.68
	Total Assets	74672.05	66958.38	69797.92	69797.92
4.	Segment Liabilities
	a) FMCG - Cigarettes	4980.18	4710.36	4720.75	4720.75
	- Others	2080.61	1906.46	2017.30	2017.30
	Total FMCG	7060.79	6616.82	6738.05	6738.05
	b) Hotels	874.64	601.18	608.42	608.42
	c) Agri Business	1019.28	930.69	907.32	907.32
	d) Paperboards, Paper & Packaging	795.40	764.87	755.90	755.90
	Total	9750.11	8913.56	9009.69	9009.69
	Unallocated Corporate Liabilities	3960.35	3599.35	2838.44	2838.44
	Total Liabilities	13710.46	12512.91	11848.13	11848.13

# The figures for the preceding 3 months ended 31.03.2019 are the balancing figures between the audited figures in respect of the full financial year ended 31.03.2019 and the year to date figures upto the third quarter of that financial year.
Note (i): In respect of FMCG-Others segment, earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended 30.06.2019 is Rs. 180.69 Crores (quarter ended 30.06.2018 - Rs. 127.76 Crores; quarter ended 31.03.2019 - Rs. 228.27 Crores and twelve months ended 31.03.2019 - Rs. 688.25 Crores).
Note (ii): As stock options and stock appreciation linked reward units are granted under the ITC Employee Stock Option Scheme (ITC ESOS) and ITC Employee Cash Settled Stock Appreciation Linked Reward Plan (ITC ESARP), respectively, to align the interests of employees with those of shareholders and also to attract and retain talent for the enterprise as a whole, the charge thereof do not form part of the segment performance reviewed by the Corporate Management Committee.

Notes :

(1)	The Company's corporate strategy aims at creating multiple drivers of growth anchored on its core competencies. The Company is currently focused on four business groups : FMCG, Hotels, Paperboards, Paper & Packaging and Agri Business. The Company's organisational structure and governance processes are designed to support effective management of multiple businesses while retaining focus on each one of them. The Operating Segments have been reported in a manner consistent with the internal reporting provided to the Corporate Management Committee, which is the Chief Operating Decision Maker.
(2)	The business groups comprise the following :
	FMCG :	Cigarettes	- Cigarettes, Cigars etc.
		Others	- Branded Packaged Foods Businesses (Staples; Snacks and Meals; Dairy and Beverages; Confections); Apparel; Education and Stationery Products; Personal Care Products; Safety Matches and Agarbattis.
	Hotels		- Hoteliering.
	Paperboards, Paper & Packaging		- Paperboards, Paper including Specialty Paper & Packaging including Flexibles.
	Agri Business		- Agri commodities such as soya, spices, coffee and leaf tobacco.
(3)	Segment results of 'FMCG : Others' are after considering significant business development, brand building and gestation costs of Branded Packaged Foods businesses and Personal Care Products business.
(4)	Figures for the corresponding previous periods are re-arranged, wherever necessary, to conform to the figures of the current period.

Registered Office :
Virginia House, 37 J.L. Nehru Road,
Kolkata 700 071, India

Dated : 2nd August, 2019
Place : Hyderabad, India

For and on behalf of the Board

Director & Chief Financial Officer

Chairman & Managing Director

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Quarterly Results

Statement of Unaudited Standalone Financial Results for the Quarter ended 30th June, 2019

ITC Limited

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